The UK's five largest banks are too powerful and should be forced to give up "significant" numbers of branches, Labour leader Ed Miliband has said. The City had been "an incredibly poor servant of the real economy" for years and should be helping business grow and create jobs, he told activists. A Labour government would "turn the tide" by creating two "challenger" banks to boost High Street competition. The "big five" banks - HSBC, Barclays, RBS, Santander and Lloyds Banking Group - account for the majority of bank customers and lending. Read more >>
The cartoon by Schrank from The Independent shows Ed Miliband as a knight on a horse with a jousting lance. Facing him are the headquarters of the 'banking big five' , which have been transformed into windmills.
To understand the cartoon you need to know the English idiom tilting at windmills. If someone tilts at windmills, they waste their energy attacking imaginary enemies. • Tilting at windmills is a favourite pastime of politicians. The expression comes from Cervantes' novel Don Quixote, in which the eponymous hero thought that the windmills he saw were giants and tried to fight them. So the cartoonist is suggesting that Ed Miliband is attacking the wrong target.